1 in 4 U.S. homeowners is financially unprepared for costs of extreme weather, report finds
CBSSEP 11 2024
As diplomats descend on the COP29 climate meeting in Baku, Azerbaijan, the Paris-based International Chamber of Commerce (ICC) published a study claiming that severe weather has cost the world $2T over the last decade.
The consulting firm Oxera evaluated around 4K weather events from 2014-2023 affecting over 1.6B people, pointing to the direct damage inflicted upon homes, businesses, and infrastructure, as well as labor productivity caused by these disasters.
Researchers discovered that global economic losses in the past two years were close to $451B, marking a 19% rise compared to the previous eight years.
Climate change is not a problem for the future; it is a reality with immediate consequences, costing the world trillions of dollars. World leaders at COP29 in Baku must recognize that financing climate action in the developing world is not an act of generosity. All nations must immediately transition to low-carbon, climate-resilient development. Every dollar we invest in a more resilient global economy will benefit us all.
Conferences like COP29 must be contextualized within the UN's rampant climate alarmism. Whether it's sporadically rising temperatures, brimming oceans, or tumbling glaciers, UN climate tropes are frequently debunked with more nuanced analysis. The UN's policies have also had negative impacts on countries' agriculture, which shows they only care about power, not progress.
The success of COP29 depends on the West's commitment to funding poorer countries' climate change efforts. Low- or zero-carbon technology, adapting to rising sea levels and shifting weather patterns, and resilient infrastructure cost trillions. Clean energy programs in emerging markets and developing countries will require $80-100B by the early 2030s—realistic budgeting must be kept in mind.